First Busey Corp 2024年度报告

Since we opened our doors in 1868, Busey has builtafoundation of broad financial capabilities,deep knowledge and close relationships thatspan generations—all with yourpeace of mind as our priority. We understand you have avision for your future—and we are committed tohelping you achieve your dreams. Guided by experience that has withstood the test of time,our expertswill help you build your best futurewithpowerful insights and proven strategies. BuildingBusiness.GrowingWealth.ConnectingCommunities.Since1868. DEAR FELLOW SHAREHOLDERS, Busey’s recent operational strategy and organizational directionhas been focused on maintaining our fortress balance sheet—ahallmark of our company that features exceptional credit quality,ample liquidity and a robust capital position. Complementingthis overarching directive were sustained organic growth withindiversified revenue streams—led by our wealth managementand payments businesses—disciplined credit practices andexpense management. This strategic approach was partially a response to an operatingenvironment that presented us with prolonged higher interestrates, increased regulatory oversight and other competitiveindustry pressures. However, there was more to our approachthan simply reacting to the operational climate. We had avision—a plan to ensure Busey was well-positioned to capitalizeon a financially and strategically compelling transactionopportunity that could transform the future of our organization. In 2024 we seized that opportunity, announcing a mergerwith CrossFirst Bankshares, Inc. (CrossFirst) in August. Thistransformational partnership—the largest in the 157-year historyof Busey—advances our financial institution and will ultimatelybenefit each of our organizational Pillars—associates, customers,shareholders and communities. Busey will be a premier, full-service commercial bank serving clients from 77 locations across10 states in the Midwest and Southwestern U.S., with combinedtotal assets of approximately $20 billion, $17 billion in totaldeposits, $14 billion in total loans and $14 billion in wealth assetsunder care. In the following pages, we will further discuss our partnershipwith CrossFirst and how we are working to successfully integrateour two organizations. We will also review Busey’s full-year 2024earnings and recap our successful integration of Merchants andManufacturers Bank (M&M Bank) and their Life Equity Loan®(LEL) program—while exploring how our long-term conservativeoperating approach, regional operating model with diversifiedrevenue streams, and our associates’ focus on strategic prioritiesand commitment to our vision of service excellence has Buseypoised for success and growth now and in the future. As we look back on 2024 and ahead to the remainder of2025 and beyond, I am proud to share our perspectives,accomplishments and future outlooks with you, our valuedshareholders, as you continue placing your trust and confidencein our organization. It is with sincere appreciation that I thank youfor your continued support. MERGERS & ACQUISITIONS Continuing a trend of successful, strategic M&Apartnerships, Busey completed the integration of M&MBank in June 2024, bringing M&M’s LEL line of businessinto Busey’s existing suite of services and furtherexpanding our presence in the Chicago MetropolitanStatistical Area. The merger agreement was initiallyannounced on November 27, 2023, with requiredapprovals received in February and March of 2024and the holding company close completed on April 1,2024. We were able to achieve this quick announce-to-close timeline of 127 days because of the well-alignedstrategic fit, our strong regulatory relationships anda Busey team that has extensive M&A experience.Subsequent to the April 1, 2024 financial close, wemerged M&M Bank into Busey Bank within the samequarter, in late June 2024. operations while maintaining strong client relationships.As a result, since financial close the LEL portfolio hasexperienced substantial on-balance-sheet growth whileretaining top advisors and referral sources. With a solidoperational foundation, cohesive team and expandingmarket presence, the LEL team's successful transitionhas it poised for continued growth. With M&M Bank fully integrated into Busey by late June2024, less than two months later we announced ourpartnership with CrossFirst. Shareholder approvals ofboth companies were obtained in December 2024,and all required regulatory approvals were securedby January 2025. CrossFirst then merged with andinto First Busey Corporation (First Busey) on March1, 2025, to complete the financial transaction. Again,the announce-to-close timeline was a short 186 daysrelative to other deals of similar size, speaking to theexpertise and trust Busey has built with its stronghistory of M&A activity. While M&M's assets only represented approximately4% of Busey’s total assets at the time of the announcedacquisition, the LEL vertical—with its attractive risk-adjusted returns—and the suppl